Majority of countries are focusing on the economic growth as a means to improve the quality of the life, but as a result there has been a decline in the social norms. There is a whole slew of benefits of the economic growth, but this essay will expatiate over a few in the following paragraphs.
To begin with, there are a few negative effects of the boom in the economies such as the social bonds become weaker- people become free from the need to socialize with each other, and ask for help if need be as they are constantly supported by the authorities. Furthermore, individuals fall a pray to the consumerism, they can afford anything they want. Thus, it poses a threat to the environmental sustainability.
On the contrary, there are hosts of benefits associated with the economic growth of a country. Firstly, the quality of education becomes better. People are able to afford better education facilities. Consequently, the opportunities to compete with other nations in the field of science and technology increase. For example, after the revolution china has emerged as a competition to the already existing super-powers of the world. Secondly, health facilities: hospitals, laboratory facilities, doctors and paramedics are better equipped for the emerging challenges like Antibiotics resistance. For Example: United states of America has the best health system in the world, which it owes to the financial stability of the nation. Last but not the least, the mental health is intertwined with social and financial security. If the law of abundance prevails in a society, it poses the feeling of protection which directly contributes to the peace of mind among the natives. For instance, the crime rate in Saudi Arabia has been reported to be nill.
In conclusion, in my opinion even though the economic growth may cause turmoil in the social values but improve the quality of living of the people in terms of education and health.